Both internet users and market regulators are becoming more concerned about who uses personal data and how. The recent events involving Cambridge Analytica have helped to raise the awareness that the old joke, ‘on the Internet, nobody knows you’re a dog’, has long run its course. In this context, an opinion is often voiced at tech conferences worldwide that identity has become a new currency. I suggest going one step further and looking at the user as a currency. This puts a very different angle on the process of designing and communicating about products and services.